Contact:
Newsfox Desk
Phone: + 43 - 1 - 811 40 - 319
E-Mail: editor@newsfox.com
| Pressbox | 
|
Milan (pte034/12.03.2003/13:39) - Telecommunications group Telecom Italia (TI) http://www.telecomitalia.it has reported fewer losses than in 2001. The company revealed today its net loss dropped to 322m euros in 2002, compared to 2.07bn euros the year before.
TI's planned merger with office equipment manufacturer Olivetti http://www.olivetti.com is now also several steps closer to completion. The telecom group is reportedly offering seven shares for one Olivetti participation share. The new company will retain the name Telecom Italia. According to Italian media, TI head Tronchetti Provera has secured a loan of 15.5bn euros for the merger, which is to be completed by the end of July.
The Olimpia holding company, which has controlled Olivetti and TI up to now, plans to reduce its shares in the new company to between 14 and 15 per cent.
By the end of 2002, TI's debts were about 40bn euros. The company says it plans to cut these down to 34bn euros by 2004.
In 2002, turnover fell by 1.4 per cent to 30.4 bn euros and earnings before interest, taxes, depreciation and amortisation (ebitda) grew by 2.5 per cent to 13.96 bn euros. TI's ebit increased by 11 per cent to 7.38bn euros.
(end)
|
|
